Zacks Investment Research Upgrades Sumitomo Corp. (SSUMY) to Buy

Sumitomo Corp. (OTCMKTS:SSUMY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $12.00 target price on the stock. Zacks Investment Research’s price objective suggests a potential upside of 7.72% from the stock’s current price.

According to Zacks, “Sumitomo Corporation is engaged in multifaceted business activities. It operates as an integrated trading company worldwide. The Company sells a variety of domestic products and services, conducts import, export and trilateral business transactions. The Company also provides domestic and international business investment, and participates in numerous other activities in various industrial sectors around the world. Its business includes metal products, transportation & construction systems, infrastructure, media, network & lifestyle retail, mineral resources, energy, chemical & electronics, general products & real estate, new industry development & cross-function and corporate group. Sumitomo Corporation is headquartered in Tokyo, Japan. “

Sumitomo Corp. (OTCMKTS:SSUMY) opened at 11.14 on Wednesday. The firm has a 50-day moving average price of $10.87 and a 200 day moving average price of $10.39. The company has a market capitalization of $13.90 billion, a P/E ratio of 92.83 and a beta of 0.78. Sumitomo Corp. has a 12 month low of $8.85 and a 12 month high of $11.33.

Sumitomo Corp. Company Profile

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